Sydney - 77% clearance rate for 3rd week running, 25% increase in stock week-on-week.

After the seasonal dip, Sydney's pulled off three consecutive weeks with auction clearance rates reported by APM at 77%.

There were 404 auctions last week, so volumes are up 25% yet clearance rates are identical.

http://domainmastheads.homepriceguide.com.au/saturday_auction_results/Sydney.pdf (this is updated weekly so it'll be invalid in 7 days)

Number Listed Auctions: 506
Number Reported Auctions: 368
Sold: 299
Withdrawn: 20
% Cleared: 77 %
Total Sales: $257,810,800
Median: $856,250

..it's the middle of winter.
 
With rates looking like remaining low for some time (not to mention the super competitive 5 year fixed loans from 3 of the big 4 announced this week) it looks like there's plenty of steam left as we approach spring.

Not expecting an 80%er for a while unless there's a weekend with unusually low volumes, but time'll tell eh?

Sydney still has plenty of catch up (in terms of prices) if history is anything to go by.
 
After the seasonal dip, Sydney's pulled off three consecutive weeks with auction clearance rates reported by APM at 77%.

There were 404 auctions last week, so volumes are up 25% yet clearance rates are identical.

http://domainmastheads.homepriceguide.com.au/saturday_auction_results/Sydney.pdf (this is updated weekly so it'll be invalid in 7 days)

Number Listed Auctions: 506
Number Reported Auctions: 368
Sold: 299
Withdrawn: 20
% Cleared: 77 %
Total Sales: $257,810,800
Median: $856,250

..it's the middle of winter.

But the clearance rate is more than a little flattered by under-reporting. Same in Melbourne - last Saturday:

Number Listed Auctions: 625
Number Reported Auctions: 487
Sold: 359

So in each case the actual number sold is just under 60% of the number of auctions, with a good number being unreported. The question in my mind is whether the non-reports are for valid reasons or agent embarrassment.
 
But the clearance rate is more than a little flattered by under-reporting. Same in Melbourne - last Saturday:

Number Listed Auctions: 625
Number Reported Auctions: 487
Sold: 359

So in each case the actual number sold is just under 60% of the number of auctions, with a good number being unreported. The question in my mind is whether the non-reports are for valid reasons or agent embarrassment.


Plenty are the latter, no doubt.

The point here, though, is that this is the same metric so the comparison is consistent, even if the numbers are a bit high.
 
But the clearance rate is more than a little flattered by under-reporting. Same in Melbourne - last Saturday:

Number Listed Auctions: 625
Number Reported Auctions: 487
Sold: 359

So in each case the actual number sold is just under 60% of the number of auctions, with a good number being unreported. The question in my mind is whether the non-reports are for valid reasons or agent embarrassment.

The auction that I went to doesn't appear on the APM list ( Clissold st wahroonga ) , but the property did sell on day of auction so would have be counted as a sale .

My understanding is they use the same methodology each week , so we are comparing like with like even if the absolute figure is debatable and on tha basis 77 % is a high clearance rate .

Reason why they didn't appear , most cases it'll be laziness on behalf of the agent .....or maybe be the sale occured after negotiation later in the day .

Cliff
 
With rates looking like remaining low for some time (not to mention the super competitive 5 year fixed loans from 3 of the big 4 announced this week) it looks like there's plenty of steam left as we approach spring.

Not expecting an 80%er for a while unless there's a weekend with unusually low volumes, but time'll tell eh?

Sydney still has plenty of catch up (in terms of prices) if history is anything to go by.

If you have 400 houses selling on the day , the difference between 77 and 80 percent is 12 houses and that's not much at all .

Cliff
 
Doing this for my own records.

Saturday 2nd August 2014

Number Listed Auctions: 426
Number Reported Auctions: 310
Sold: 261
Withdrawn: 20
% Cleared: 79 %
Total Sales: $229,126,250
Median: $907,000

Volumes down, clearance rate and median up.
 
Plenty of steam left. And look at that median price. Up 8.8% from 2 weeks ago.

Saturday 2nd August 2014

Number Listed Auctions: 434
Number Reported Auctions: 338
Sold: 288
Withdrawn: 20
% Cleared: 80 %
Total Sales: $285,029,999
Median: $931,500
 
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